Just six days after 3iQ filed for a similar product in Canada, asset manager VanEck filed to sell shares in exchange-traded fund (ETF) Solana (SOL), the first registration in the United States (US).
The S-1 registration form filed with the Securities and Exchange Commission (SEC) helped boost SOL's 24-hour gains at nearly 8% then the broader crypto market gauge added 1.8%.
According to Matthew Sigel, VanEck's Head of Digital Asset Research, SOL is a community not a security as it is used to pay transaction and service fees on the ever-increasing blockchain.
He added that VanEck filed the SOL ETF because blockchain acts as a competitor to Ethereum (ETH) plus there is a unique combination of scalability, speed including low cost.
Even so, some experts are of the view that serious conversation about SOL ETF spot products will not start until 2025 while Chartered Bank analyst Geoffrey Kendric considers Ripple (XRP) to be the next option after SOL.
But it should be known that the opportunity to launch the spot SOL ETF is in 2025 if there is a new administrator at the White House and the SEC, commented Bloomberg Intelligence ETF analyst James Seyffart recently.
As of this writing, the price of SOL has risen by 7.35% to $147 in the last 24 hours with a market capitalization of $68 billion and has climbed 11.15% over the past week.